eWellness Healthcare Corporation reports that it is developing a tokenized physical therapy payment system for insurance companies, large scale self-insured corporations, and their insured members.

This tokenized payment platform aims to eliminate delays in telehealth provider reimbursement by health insurance carriers, explains a media release from eWellness Healthcare Corporation, provider of the PHZIO platform for the physical therapy and telehealth markets.

The platform is designed to allow patients to receive telehealth physical therapy evaluations and real-time monitored PT treatments through the use of a PHZIO token. All patient treatment records will also be blockchained within this payment system. This system will enable the confirmation of all patient treatments, which in turn will eliminate medical treatment fraud.

This tokenized payment system will also eliminate all billing services for any licensed PT clinics using the PHZIO treatment system. Our tokenized payment system will also eliminate any patient co-payments.

In order for insurance companies to receive these services, they will be buying tokens in bulk in advance of distributing the tokens to their insurance membership. These members will then be able to seek PT care through the PHZIO platform in return for a token, that can then be redeemed by the telehealth provider for immediate payment by the insurance provider, the release continues.

”We believe that our new tokenized payment system combined with our PHZIO treatment platform will revolutionize physical therapy and wellness delivery,” states eWellness Chairman Douglas MacLellan, in the release.

Our PHZIO platform can provide PT care that is significantly cheaper for payors and patients, easier to access, secure, and is as good or better than traditional in-clinic PT treatments,” he adds.

[Source(s): eWellness Healthcare Corporation, Nasdaq GlobeNewswire]